It is the (probably faulty) Dutch spelled name of a fictional god that is the patron of all things lame, stupid, ridiculous in a not good way, and swag. You Pray to Oeboejoe when you see something that is genuinely lame and hope whatever he, she, or it is goes away. The good thing about Oeboejoe is that even though he does not exist, the person you're praying to him for will leave your presence by either fear of his power, confusing him for Satan, or just infuriated that you're ignoring them by using prayers. If you're praying to Oeboejoe about an object, simply finish the prayer and then dispose of (destroy) the object or just leave it alone. Another "impressive" thing in this obscenely long winded explanation is that only people who know something about the Dutch language can truly appreciate how "interesting," yet annoying the spelling is. Also written as: OeBoeJoe. Note: not meant to offend anybody of Dutch or Belgian heritage, this is only for whimsical entertainment of bored people on the internet.
Guy 2: "Dude, just pray to Oeboejoe. Even if he's not real, the person will leave us alone. I'll do it with you."
Guy 1: "Ok, here he comes."
*swag kid walks over*
Swag kid: "Yo, wassup G's? I did a joint because yolo! It gave me so much swa-"
Guy 1&2: "Oh great Oeboejoe, I pray to thee for thine powers of alienating the presence of the filth!"
Swag kid: "G's? Bros? Talk to me! You gotta hear my swaggin' swag......Bros?! Fine, I'll leave ya'll. You hella lame."
*Swag kid leaves*
Guy 2: "Whew, I said it would work."
Guy 1: "You're right, let's go use the power of Oeboejoe to get rid of twerking and snapchat."